How can chatbots take on the role as a bank teller and as an advisor/role of Artificial Intelligence in banking?
Artificial Intelligence can be vital in banking as well, businesses in other sectors such as retail have started to adopt emerging and disruptive technologies into their practices, however, the banking industry seems to be lagging behind. With the paradigm shift in regards to delivering optimized services, incorporating chatbots in mobile apps is an emerging technological trend that brings sophistication and engagement to the table. It comes as no surprise that in this generation influenced by technology, chatbots have made great strides towards utility.
Primarily, they can be capitalized through the interaction with customers pertaining to transactions, money management, and financial assistance. As chatbots are also notable for problem-solving, they also have the ability to sort out predicaments related to bank issues.
As a potential banking solution, chatbots can be highly engaging in a way that can assist users with their finances highlighted through beneficial ways:
- Implementing 24/7 availability, chatbots can readily respond to financial inquiries such as guidelines on how to apply for insurance, how to invest money, and how to pay off bills. In terms of insurance, chatbots can provide several options that are best suited for a user’s coverage needs.
- Notifies users about their spending habits and provides effective guidelines on how to save money. Financial chatbots also monitor their expenses for a better understanding of a user’s financial status.
- Enables users to sign up for insurance plans as well as setting up a savings account.
- Automates budget plans so users can manage their money more efficiently.
- Displays transaction history and allows users to initiate money transactions. When transferring money, chatbots will be implemented with a protocol that ensures state-of-the-art security measures.
- Provides educational content that could help users reach better financial decisions.
- Delivers effective problem-solving skills by providing solutions to common issues such as a missing debit/credit card, unexplained fee payments, or fraud. Financial chatbots can develop an ability to cancel any transactions, therefore giving back the money you deserve.
Chatbots in the financial sector require more attention to keep the margin of error zero. The risks are much higher as people’s money is at stake. Furthermore, AI-powered app development companies should focus on creating chatbots with a solid infrastructure with an emphasis on user experience to efficiently meet the user’s needs.
The financial market never sleeps. With the addition of Artificial Intelligence in the banking industry, institutions will seamlessly provide enriched service to their customers.
With 8 global offices including New York, TheAppLabb can help you incorporate chatbots into your mobile app today. Contact us at info@theapplabb.com for more information.
